Pam Am Airlines Morphs into Pam Am Railways   Leave a comment


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Pan American World Airways, known from its founding until 1950 as Pan American Airways and commonly known as Pan Am, was the principal and largest international air carrier in the United States from 1927 until its collapse on December 4, 1991.

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The first Gulf War triggered by the Iraqi invasion of Kuwait on August 2, 1990, sent fuel prices skyrocketing, which severely depressed global economic activity. This in turn caused a sharp contraction of worldwide air travel demand, plunging once profitable operations, including Pan Am’s prime transatlantic routes, into steep losses. These unforeseen events constituted a further major blow to Pan Am, which was still reeling from the 1988 Lockerbie disaster.

Pan Am was forced to declare bankruptcy on January 8, 1991. Delta Air Lines purchased the remaining profitable assets of Pan Am, including its remaining European routes and Frankfurt mini hub, the Shuttle operation, 45 jets, and the Pan Am Worldport at John F. Kennedy Airport, for $416 million. Delta also injected $100 million becoming a 45 percent owner of a reorganized but smaller Pan Am serving the Caribbean, Central and South America from a main hub in Miami. The airline’s creditors would hold the other 55 percent.

But the name and logo lives on. From the skies to the rail lines

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Pan Am Railways, Inc. (PAR), formerly known as Guilford Rail System (GRS) before March 2006, is an American holding company that owns and operates Class II regional railroads covering northern New England from Mattawamkeag, Maine, to Rotterdam Junction, New York.

Pan Am Railways is headquartered in Iron Horse Park in North Billerica, Massachusetts. It is a subsidiary of Portsmouth, New Hampshire-based Pan Am Systems, formerly known as Guilford Transportation Industries (GTI). Guilford bought the name, colors and logo of Pan American World Airways in 1998.

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Posted January 26, 2016 by markosun in Uncategorized

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